Mortgage Monday: Streamlining Short Sales

Streamlining Short Sales

New requirements from the Federal Housing Administration has made it quicker for short sales to be completed in less than 6 months. The new requirements set forth a 30-day response for short sales after all required documents have been submitted and third party consents have been received. The usual practice has been longer which delays the process for both the buyer and seller.

There is to be a single point of contact for the short sale. Previous to the National Mortgage Settlement, the files were moved from one person to another and the Real Estate Agent or short sale negotiator had to start the process over with a new contact person. This provision will streamline the short sale process even further. Several agents that I work with have been frustrated doing short sales because every 30 days the file gets transferred to a new processor and the new processor does not know what was previously agreed. Or the new processor feels that they can negotiate a better deal for the bank.

If you are having trouble making your mortgage payments, for any reason, contact me as soon as you can. My contact information is on my home page. I have the training and the resources available to assist you.

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